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Best Real Estate Websites For Buyers And Sellers In 2022

November 23, 2022 by Marco Santarelli

We’re not going to tell you where to go to find a real estate investment loan or good building contractor; you can find recommendations in those areas almost anywhere. Instead, we’re going to focus on the best real estate websites that make it easier to perform due diligence when researching properties and simplify the process of finding, vetting, and managing tenants. A website is a key tool you can use to find real estate for sale. They are also an ideal place to share listings if you are a seller or an agent because it makes it easy for potential buyers to search for homes.

According to the annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent homebuyers, for 43% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 18% of buyers first contacted a real estate agent. The survey also shows that the share of home buyers who used the internet to search for a home increased to an all-time high of 97%. 64% of recent buyers were very satisfied with their recent home buying process.

According to global statistics consolidator Statista, real estate websites are visited more than 120 million times each month, with dominant players like Zillow racking up 36 million unique visitors monthly. This shows that real estate websites are becoming very popular on the internet day by day. They add value to buyers, sellers, and investors.

Buyers can preview hundreds of homes within a few hours from the comfort of their couch. Home sellers can also list their houses which can be viewed by hundreds of shoppers in the market to buy a new home. In addition to it, sellers can find out what their home is worth, look up the sale prices of homes in their area, read up on real estate market trends, and connect with top professionals in the field at the click of a button.

The best real estate websites are those that are easily searchable online, have high-resolution images and weekly market updates, and all the information necessary for buyers and sellers. The websites should have a well-organized menu and an easy-to-navigate layout where visitors can quickly find listings they might be interested in.

Some of these sites can help real estate investors as well who don't have much margin for error when their mistakes have multiple zeroes on the end. When you need to find properties that are a bargain at the buy, don't cost a fortune to fix up, and can be sold for a profit, it requires having the best possible information at every step of the way.

22 Best Real Estate Websites For Buyers And Sellers in 2022

Best Real Estate Websites

Here is the list of the 22 best real estate websites in 2022 for buying, selling, renting, or managing real estate. These websites provide a plethora of unique features, tools, data analytics, and automated software for real estate buyers, sellers, investors, and landlords. Some new and unique real estate websites have been made into the list which you may or may not be aware of.

1. Best Real Estate Website – Zillow.com

best real estate websites: Zillow group
Pic Credits: Zillow.com

Zillow.com is one of the biggest and best real estate websites for people buying and selling homes. It is more than a website for letting you browse property listings, though its large MLS database is reason enough to make it to this list. It is unusual for letting you search specifically for foreclosures and newly built homes. We list it here because of its massive, free data sets. For example, it shows you historical home values for an area and projected property values by neighborhood.

It lets you see the average rents, too. They attract visitors by offering free advice on determining how much you can afford in rent and tips on how to fill out a rental application. Zillow has a large database of homes for sale or rent. This may let you find potential rental properties as well as learn the comparable rental rate for a neighborhood. In contrast, sites like Rentometer only let you estimate the rent for a given property. And Zillow helps you to find mortgage lenders, once you find a property you want to buy.

It can connect renters and landlords, as well. Furthermore, you should be checking the rental rates charged for comparable properties in the area so you don’t charge too much and have the property sit vacantly. If you want to find properties in a given area, the Zillow “make me move” feature is invaluable. You can find properties that aren’t officially on the market and make an offer. Zillow is free to buyers and sellers. It is a source to drive leads to the advertisers and makes money by charging advertising fees to agents, lenders, and other home service providers.

In addition to the for-sale and rental listings on Zillow.com;

  • Zillow now buys and sells homes directly through Zillow Offers, helping people move with less hassle and more control.
  • Zillow Home Loans, Zillow’s affiliated lender, provides mortgage pre-approval and financing.
  • Zillow Closing Services, Zillow’s affiliated title, and escrow provider offer title and closing services.
  • Zillow Premier Agent offers support through a trusted network of real estate professionals.

Zillow's consumer brands include Trulia, StreetEasy, and HotPads.

best real estate website zillow group
Pic Credits: Zillow.com

2. Best Real Estate Website – Realtor.com

best real estate websites
Pic Credits: Realtor.com

Operated by Move, Inc., Realtor.com® offers a comprehensive list of for-sale properties, as well as the information and tools to make informed real estate decisions. It comes to our list of the best real estate websites because they provide a variety of valuable information. For example, it provides a quick snapshot of local markets like the median sale price and average price per square foot so you can estimate what a house is worth on the market in good condition.

It can show you the properties that just hit the market and the ones that have sat for months, nearly guaranteeing the sellers will take any reasonable offer. If you identify good prospects, the site can connect you with their real estate agent so you can arrange a tour.  It also offers homeowners a bevy of useful tools and resources through the My Home℠ dashboard.

This dashboard allows property owners to manage their homes like the important investment it is by tracking their home’s value over time, researching and managing home improvements, and scouting other similar properties in the neighborhood.

While this site isn’t the best one for listing a rental property, it should be on the list of sites where you add your newly available rental to maximize the number of possible tenants who see it. Realtor.com earns money primarily through advertising fees. The app and website are free to buyers and renters.

Here’s what you can do with Realtor.com

  • ListHub: It helps you compete for listings by maximizing your online exposure across a network of 750+ real estate websites, including options for international exposure.
  • EssentialsSM Toolkit: With more than a million agents working nationwide, this toolkit from realtor.com® helps you rise above the crowd. It’s a powerful way to begin building your brand and business online.
  • ConnectionsSM Plus: It is a complete lead generation system to get you in front of serious local buyers searching on realtor.com®. Receive high-quality buyer leads and the tools you need to respond quickly, make a connection, and keep them engaged throughout the process.
  • Market Reach: It creates automated, professionally-designed real estate ads to showcase your listings, brand, and community on Facebook and Instagram and then targets active and engaged home shoppers to help you fuel your pipeline with quality leads.

3. Best Real Estate Website – Redfin.com

Best real estate website Redfin
Pic credits: Redfin.com

Redfin is a real estate brokerage. The Seattle-based company was founded in 2004 and went public in Aug. 2017. Glenn Kelman is the CEO. Redfin's business model is based on sellers paying Redfin a small fee. The company claims that Redfin Agents close 3x more deals, so they have the experience to help you sell your home for top dollar.

As a seller, you can get more out of your home equity by selling for more in a hot market and a low listing fee. Through Redfin.com, you can give buyers an online interactive view of your home with no need for in-person viewings. They’ll promote your home with email campaigns, premium placement across Redfin.com, and social media ads.

Redfin has deepened its technology beyond the initial search to make the home tour, the listing debut, the escrow process, the whole process, faster, easier and worry-free. They have given customers more value, not just by saving each thousand in fees, but by investing in every home we sell, by measuring our performance and improving constantly.

 

best real estate website redfin
Credits: Redfin.com

This real estate website strives to develop technology that improves the process of buying and selling a home every step of the way. Here are some of the best features. 

  • Redfin Estimate: It is a calculation of the market value of an individual home.
  • Redfin App: Peruse thousands of homes for sale, get detailed information on each and even schedule a home tour directly from the app.
  • Draw Your Own Search: On the Redfin iPhone app, draw a line around the exact area where you want to search for homes.
  • Redfin Home Dashboard: A comprehensive online resource for home sellers that provides real-time data on their homes.
  • Offer Insights: Real-time statistics and notes from Redfin agents about thousands of offers submitted on behalf of Redfin clients.
  • Redfin Hot Homes™: Informs Redfin users if a home is likely to sell in two weeks or less
  • Search by School: This shows all the homes for sale served by a certain school with one easy search.
  • Redfin Affordability Calculator: Provides an estimate of how much a homebuyer can spend on a home based on their location, income, down payment, and monthly debt.

4. National Association of REALTORS® (NAR)

best real estate website NAR
Credits: NAR Logos and Trademark

The National Association of REALTORS® is America's largest trade association, representing 1.4 million members, including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. Their members include residential and commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged in the real estate industry.

NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago. The association has its code of ethics to which it requires its members to adhere. N.A.R. members belong to one or more of approximately 1,200 local associations/boards and 54 state and territory associations of REALTORS®. As of 2020, the NAR has over 1.38 million members worldwide, including 600,000 members in the United States.

One of the biggest advantages of using their website is the detailedness and authentication of housing data. They provide the latest real estate research and statistics that affect the industry. NAR governs the hundreds of local Multiple Listing Services (MLSs) which are the information exchanges used across the nation by real estate brokers. However, many MLSs are independent of NAR, although membership is typically limited to licensed brokers and their agents.

Research Reports: They do research on a wide range of topics of interest to real estate practitioners, including market data, commercial, international, home buying, and selling, NAR member information, and technology. There is a research division that collects and disseminates real estate data and conducts economic analysis to provide knowledge of the latest trends and statistics. Delivery of this information takes place via press releases, reports, presentations, and daily blog posts about the overall economy and housing market.

Housing Market Statistics: NAR produces housing statistics on the national, regional, and metro-market levels where data is available. National and regional housing statistics include existing home sales, pending home sales index, and the housing affordability index. The organization releases existing home sales monthly, providing national and regional price and volume statistics.

State & Metro Area Data: Here you can find real estate data for the state and metropolitan statistical area (MSA) in which you live and work.

Commercial Research: In this section, you can find “The annual Commercial Lending Survey,” which provides insights into REALTORS®' commercial financing conditions. The report details liquidity conditions, market impact, funding sources, and respondents' comments.

The organization also works to protect private property rights, promote homeownership, and lobbies to maintain reasonable credit and other standards at the federal level.

5. Best Real Estate Website – Trulia.com

Best real estate website: Trulia

Trulia is a consumer brand of the Zillow Group. The company goes beyond the typical listings, by sourcing insights straight from locals and offering over 34 neighborhood map overlays, to give people a deeper understanding of what living in a home and neighborhood is like.

It also provides a transit score for each property, a value that allows to you identify properties that people who don’t want to own a car will pay a premium for. The ranking of properties by their popularity should be seen as market research.

Know which property types or areas are seen as desirable, but don’t get into a bidding war on “hot” properties. You can explore neighborhoods on Trulia by browsing original neighborhood photos, drone footage, resident reviews, and local insights to see if the homes for sale are right for you.

Here’s what you can do with Trulia.com

best real estate website trulia
Credits: Trulia.com

6. Best Real Estate Website – Neighborhoodscout.com

best real estate websites: Neighborhoodscout
Pic Credits: Neighborhoodscout.com

Neighborhoodscout.com gives you the most accurate, comprehensive, neighborhood-specific crime, demographic, housing, school performance, and real estate trend and forecast analytics available today, with seamless coverage for the entire United States. Scout Vision™ Trends & Forecasts offer the most timely and accurate home price and home appreciation rate predictions for every micro-neighborhood in the U.S. With this comprehensive information, an investor can easily decide whether to buy, hold, sell, or lend on their property.

It reduces the amount of time spent searching for real estate by pinpointing the locations that best meet your specific criteria. As a paid user you get predictive analytics and exclusive data and insights for every neighborhood and address in the United States. It's unique in the way that it reveals the details about every Neighborhood in the U.S., address by address.

Here’s what you can do with Neighborhoodscout.com

  • Crime Data: NeighborhoodScout Crime Analytics uses hundreds of sophisticated spatial algorithms to process 9 million+ reported crimes into nationally-comparable crime data of unprecedented accuracy, with complete coverage for every neighborhood and address in America.
  • Demographics: NeighborhoodScout Demographic Analytics derive insights from hundreds of raw inputs to produce one-of-a-kind data patterns for population, migration, lifestyle suitability, walkability, cultural character, education, incomes, ages, employment, diversity, and more. Indexed against national averages for comparison.
  • Real Estate Data: NeighborhoodScout Real Estate Analytics provides the only micro-neighborhood housing market insights with exclusive market rent prices by the number of bedrooms, house values, property taxes and effective tax rate, years of average rent needed to buy the average house, housing stock profiles, physical neighborhood setting, seasonal and year-round vacancy rates, owner/renter mixes, and more, all in one place.
  • Public School Ratings: NeighborhoodScout School Quality Ratings provide the only nationally-comparable school quality rating available today. Promotes easy benchmarked comparison of school quality between schools, school districts, property addresses, and neighborhoods in any state or location.

7. Best Real Estate Website – Rentcafe.com

best real estate websites
Pic Credits: RENTCafe.com

Rentcafe.com is a website prospective tenants will visit to understand the market rates for rent in given areas. You’ll learn what your prospective tenants expect to pay in various communities, which neighborhoods have a reputation for affordability and their expectations regarding lease terms. For example, this site informs them what they should expect to pay for utilities or how much more they’d pay for a lease that includes utilities.

Rentcafe is immensely helpful for renters as well. You can search for all types of apartments and also calculate how much rent you can afford. You can use their rent calculator to figure out how much you could spend on rent while keeping your finances in check. The calculator multiplies your gross monthly income by 20%, 30%, or 40%, based on how much you want to spend. You can use the slider to change the percentage of your income you want to spend on housing.

If you use the additional options, it deducts rent from your income and subtracts your debt, expenses, and savings from the remaining money, depending on which fields you filled in. The final number represents the money you have left to spend per month. The share of your income that should go towards paying your rent depends on many factors, the most important ones being your income level and where you want to live. Their rental income calculator starts with 30% as a standard for how much of your income you should set aside for rent.

They also have a Mobile App where you can check out listings posted by property managers and contact the property straight from the RENTCafé App – no intermediaries!

Here’s what you can do with RENTCafe.com

best real estate website rentcafe

8. Best Real Estate Website – Nolo.com

best real estate websites
Pic Credits: Nolo.com

Nolo.com is a legal resource that every landlord should be referencing if they don’t have a lawyer to consult. This website can provide information you can’t do without such as the terms you must abide by in a lease written for a specific state, how you must handle deposits, and the rules you must follow if someone is late with the rent.

For example, the website shares the legal disclosures landlords must provide every tenant when you search for the regulations that apply to landlords in a particular jurisdiction. You can quickly check to see when and for what reasons a tenant can withhold the rent and when they can deduct repairs from the rent.

9. Best Real Estate Website – eRentpayment.com

best real estate websites
Pic Credits: eRentpayment.com

The website eRentpayment.com provides several services that landlords can appreciate. One service the website provides is tenant screening. You can ask them to fill out online applications instead of dealing with paperwork. Through the eRentpayment.com portal, they can submit credit checks and background checks. Many landlords will appreciate the eviction report that tells you whether they’ve been evicted in the past few years.

Another service it provides is online payment processing. You can use the site to receive rental payments from each tenant, and it will send them automatic reminders if they are approaching the due date. You can customize late fees so that the late fees are charged at a unique level by property. The site charges only a few dollars per month rent payment to collect the payment and send it to you as well as generate the receipts for everyone involved that rent was, indeed, paid.

Many tenants will appreciate the fact that the site tracks rental payments to credit reporting agencies, allowing them to improve their credit by paying you on time. The site even allows your tenants to submit maintenance requests, whether you handle the issues themselves or route them to the appropriate contractor.

10. Best Real Estate Website – Mysmartmove.com

Best real estate websites: Mysmartmove
Pic Credits: Mysmartmove.com

Mysmartmove.com is a site solely for background checks and credit checks of potential tenants. The basic package does a credit check against Transunion’s database and pulls a National Criminal Background Report. The “Plus” package adds an eviction report. The “Premium” level includes a full credit report and estimates their income.

When you ask a prospective tenant to submit data for the report, you’re sending the link from Mysmartmove to them. They fill out the necessary details and you receive the reports. They can be required to pay for the screenings to have the report submitted to you. This eliminates the need to process application fees, and you won’t be handling their sensitive information.

Complaints about the site are that up to a third of applicants don’t complete the background checks, but these may be the prospective tenants who don’t want you to know that they have had prior arrests or evictions. The only caveat here is that not every state feeds arrest reports to their system.

You should require a background check of every adult in the household to get an honest assessment of the family since one partner may have clean credit and a criminal record but the other has been arrested and/or evicted.

11. Best Real Estate Website – The Local Tax Appraisal District Website

The United States has fifty states and thousands of local taxing jurisdictions. The local tax appraisal website provides a wealth of information to prospective landlords and property buyers. For example, data mining tools mine these sites to find people who own more than one home. Letters get sent to their primary residence with offers to buy the other properties they own.

While some of these offer letters go to landlords who don’t plan on selling, they can drum up leads in the form of people who didn’t plan on leaving their old residence but had to do something to pay the bills. This periodically results in turnkey properties that already have tenants in them being offered for sale.

These websites yield other information, as well. Are there tax liens against the property? Are there mechanics liens or a mortgage against the property? This can give you an idea of what legal mess needs to be untangled before you make an offer. What does the county or city say it is worth?

A property can certainly be worth less than this estimate because it is in dire need of repair, but the tax district’s appraised value gives you an idea of what the authorities will use as the basis for your property tax bill unless you make a good case it is worth far less.

12. Best Real Estate Website – MLS.com

best real estate websites

MLS.com is a free MLS search to find real estate MLS listings for sale by Realtors® and other realty professionals that are members of your local MLS Multiple Listing Service. MLS.com also features real estate news, common real estate questions and answers, real estate classes, mortgage information, and a mortgage calculator.

Find homes for sale, new homes and resale homes, new construction, acreage, lots, land, commercial property, and investment property. The company helps make it quick and easy for you to search and find real estate located all across the USA through its advertised real estate agents’ websites.

MLS.com can help you find providers of many of the services needed in a real estate transaction. The real estate website features some of the best-known and most respected names in real estate.

13. Best Real Estate Website – NoradaRealEstate.com

best real estate websites

Norada Real Estate Investments is a premier real estate investment firm providing investors with quality new and refurbished investment properties in growth markets throughout the United States. Founded in late 2003, they were the second nationwide provider of turnkey real estate – with properties as far south as Florida to as far north as Michigan.

Inc. Magazine ranked Norada Real Estate Investments as #925 on its annual list of the top 5000 fastest-growing private companies in America. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment — its independent small businesses.

Norada Real Estate Investments helps take the guesswork out of real estate investing. By researching top real estate growth markets and structuring complete turnkey real estate investments, they help you succeed by minimizing risk and maximizing profitability.

It offers investors fully refurbished as well as new construction residential properties ranging from single-family homes on up to fourplex multi-units. Their properties make sense the day you buy them. There is nothing that needs to happen for the property to be a good wealth-building investment. You can contact one of their Investment Counselors to ask any questions, or to discuss your investment goals.

14. Best Real Estate Website – Homes.com

best real estate websites
Pic Credits: Homes.com

Homes.com is also one of the best real estate websites where you can find all that you need to know about every phase in the home buying, selling, renting, and financing process. They’ve also compiled everything you need to know about how to rent a home – things to consider when renting a home-like choosing which amenities are important, what’s your rental budget and how to calculate the costs of homeownership, understanding your rental agreement, and how to do a rental property walk-through.

With their finance section, they’ve created some money-saving tips and advice to make the process a little easier while helping new homeowners and those looking to refinance get familiar with their financial capabilities.

You’ll also find useful information regarding how to understand your credit and what type of credit score you need to buy a home in addition to how to improve it. You can also find details about the components of a mortgage including the types of mortgage rates, how to understand mortgage down payments, and the steps to getting pre-approved by a lender.

15. Best Real Estate Website – Auction.com

best real estate websites auction.com
Pic Credits: Auction.com

Auction.com is the nation's leading online real estate marketplace offering over 30,000 discounted residential bank-owned and foreclosure home deals. It is also one of the best real estate websites which can help you reach your real estate investment goals by offering the largest selection of residential bank-owned and foreclosure homes. Auction.com’s marketplace has streamlined distressed property transactions for buyers and sellers.

With the help of technology and data science, they have created an unrivaled transaction platform that has resulted in $39 billion in sales, 4.4 million registered buyers on Auction.com, 329,000 properties sold to date, 30,000 properties available for sale, 1,000+ employees serving the needs of buyers and sellers, and more than 15,000 auctions per year in all 50 states.

The buyers can bid and purchase properties using their superior technology platform. Buyers can receive convenient access to property information, exclusive inventory, personalized property matches, onsite and online education, and customer support throughout the entire process. The sellers receive the nation’s largest and most reputable auction programs, an unrivaled marketing reach, and data intelligence and insights to move assets quickly.

16. Best Real Estate Website – Curbed.com

best real estate websites
Pic Credits: Curbed.com

Since 2004, Curbed.com has been an integral part of the local news landscape online. They are uniquely primed to surface relevant local issues to a broad, national audience. Unlike a glossy shelter magazine, they see homes, streets, neighborhoods, and cities as inextricably related. Curbed.com covers 14 American cities, while their flagship site covers every place (and trend, and big idea) in between.

If you love where you live, chances are you feel as strongly about the new park on your corner as you do about your lack of a dishwasher or the sustainable properties of a concrete building in the desert. Curbed.com got you covered across 12 American cities, while our flagship site covers every place (and trend, and big idea) in between.

17. Best Real Estate Website – Activerain.com

Real Estate Website: ActiveRain
Pic Credits: ActiveRain.com

Active Rain is a site similar to Bigger Pockets. It has more than three hundred thousand members. It is a real estate blog perfect for those who want to network with other real estate professionals, and they claim the world’s largest storehouse of real estate knowledge with over 4 million blog posts on all things real estate.

It was designed specifically to suit the needs of the real estate industry, especially for those who are interested in blogging for business within the real estate industry or for consumers seeking real estate knowledge. This real estate site includes real estate agents and mortgage brokers. There are new real estate investors and established ones.

There are thousands of blogs by real estate investors, agents, and brokers. You can find articles on how to qualify for a commercial real estate mortgage to advise on cleaning up a hoarder's house. Their blogs include built-in lead capture systems, social sharing tools, SEO structured content, and the ability to post your blog on a website with extremely high domain authority.

18. Best Real Estate Website – Popstream.com

best real estate website Propstream
Pic Credits: Propstream.com

Popstream is a paid-access site. Its biggest benefit is allowing you to find distressed home sellers. The database can feed you leads from foreclosures, liens, and tax sales. You can compare this data to the MLS to find people who need to sell a home before it goes to foreclosure or those who probably need to sell to settle a divorce. There's far more information than a dedicated site like Foreclosure.com.

It offers more information than average on outstanding mortgage balances and lets you estimate the existing equity based on the property's estimated value. The website can help you create lists of potential properties for purchase and then send emails or letters to them. The website advertises its ability to help you research properties as you're “driving for dollars”.

The Popstream mobile tool lets you track where you drive so you don't canvas the same area. And it lets you pull up data on the home right in front of you. PropStream offers its full-featured software access for a monthly cost of $97. For active real estate investors, profits from one deal found using the PropStream real estate software can wipe that cost out.

According to PropStream—Is The Only Professional Tool That Gives You The Data Software And Analytics To Solve Real-World Problems Across The Entire Country!

19. Best Real Estate Website – This Old House

best real estate website this old house
Pic Credits: Thisoldhouse.com

There are plenty of projects best left to the professionals such as fixing that constantly flipping breaker or a plumbing problem. However, you may be able to fix any little issues yourself. This is where the website “This Old House” comes in. They show you how to fix many issues from stuck doors to leaking garbage disposals.

They provide information so you know when you need to hire a pro. They also give you the information you need to vet contractors, so you don't accidentally hire a fly-by-night operation. A side benefit is that you may save significant time and money repairing your own home.

For example, you can get a complete guide on what you need to know before putting a metal roof on your own home—the versatile looks, longevity, and peace of mind that come with a roof made of metal. The company serves over 15 million consumers each month with trusted home improvement information and expert advice.

The company boasts the two highest-rated home improvement shows on television in This Old House and Ask This Old House, the highly regarded This Old House Magazine, and a robust digital business at ThisOldHouse.com and across a myriad of platforms including social, podcasting, app, YouTube, and free ad-supported digital television. The brand continues to resonate with audiences across the world, as detailed by The New York Times, Salon, and The Atlantic.

20. Best Real Estate Website – SparkRental.com

best real estate websites: Spark Rental
Pic Credits: Sparkrental.com

SparkRental is one of the best real estate websites for landlords. It offers property management software services through the web portal. These tools are perfect for landlords with one to fifty rental units. For example, you can use their site to run background checks and credit reports. It lets you collect rent online or create state-specific leases.

You can report their rent payments or non-payment to credit bureaus. You can track expenses.  One point in favor of SparkRental is that you can compare prices for services like HVAC repair and roof replacements against their price tables. The site has some content on real estate investing and property management.

However, they made our list of the best real estate websites because of their property management tools. From posting your vacant rental listings to many websites with one click to fast & easy tenant screening to powerfully-protective leasing documents, they have you covered. Their ongoing property management software includes online rent collection, expense tracking and ledgers, simple (and recorded!) communications with renters, property photo and legal document storage, and much more.

Here’s what you can do with Spark Rental

best real estate site

21. Best Real Estate Website – Stessa

best real estate website stessa
Pic Credits: Stessa.com

Stessa is an alternative to SparkRental, though it has a few unique tools in its portfolio. Stessa helps rental property owners easily track, manage, and communicate the performance of their investments. As investors themselves, they created Stessa to easily keep track of property performance, finances, and the paper trail that comes with real estate investing–in one place.

The best thing about Stessa: Stessa is 100% free. Their goal is to provide powerful tools to the investor community at the lowest possible cost. That being said, they do offer optional, premium services for real estate investors for a fee, to assist with things like rent analysis, mortgage financing, and market research.

They allow investors to track the financial performance of individual properties and your real estate portfolio as a whole. This is similar to Quicken letting you see the total year-over-year return on your stock portfolio while allowing you to see the returns for each investment. Stessa provides many rental real estate management tools.

For example, you can connect payment accounts and property management accounts to Stessa. Now you can pull up a report and see who hasn't paid the rent this month out of your 40 tenants, or you could see who has a history of making late payments. Stessa is unusual among real estate websites for letting you create custom reminders and reports. Set up a notification that the tenant is late for the second time so you can file for eviction. Or let it give you personalized recommendations based on your unique real estate portfolio.

Here’s what you can do with Stessa

real estate website Stessa

22. Best Real Estate Website – Land Watch

best real estate website landwatch
Pic Credits: Landwatch.com

Most real estate websites are aimed at those who want to buy or rent out existing housing stock. What if you want to invest in a piece of land? You might want to buy it to develop it, or you may hope to resell the property later. LandWatch is one of the best real estate websites for finding raw land. It is the leading and largest site dealing in rural properties, land for sale, hunting land, farms for sale, ranches, log cabins, development sites, and homesites for vacation, recreation, or investment purposes.

Furthermore, it allows you to find properties that are bank-owned (think: bargain basement prices) or have owner financing. In the latter case, you don't have to worry about qualifying for a bank loan. Another benefit of LandWatch is that it periodically hosts land auctions. While Land Auction is primarily raw land, you can also search for commercial real estate. You can also advertise on their platform and reach land buyers searching for property across their network of leading rural real estate websites: LandWatch, Lands of America, and Land And Farm.

Summary

Anyone can search the MLS or read a thousand entries on Craigslist. Use the best real estate websites to find properties, sell them, and manage them in the interim. No one website provides all of the information you need, not even when they are theoretically competing with each other. Use the information that these best real estate websites provide so that you can perform thorough research on any prospective house or investment property before you make an offer.

Filed Under: General Real Estate, Real Estate Investing, Selling Real Estate

Scottsdale Housing Market: Prices | Trends | Forecasts 2022

November 23, 2022 by Marco Santarelli

Scottsdale Housing Market

The Scottsdale housing market is dealing with high demand and low supply. Sellers are well aware that they can command a premium for their homes because demand is the craziest it's ever been. According to local Realtors, the Scottsdale housing market has joined the list of popular destinations. Residents are migrating from California, Colorado, and Illinois, and inventory simply cannot keep up. As is the case throughout the country, home builders in Scottsdale are struggling to keep up with demand, hampered by the high cost of lumber and other building materials.

Scottsdale is a suburb of Phoenix, sitting on the eastern side of Maricopa County. It is overshadowed by Phoenix unless you’re a golf aficionado or watch baseball. Scottsdale is home to around a quarter-million people, making it one of the largest suburbs in the Phoenix metro area. The city is roughly a twenty-minute drive to the famous Phoenix Sky Harbor International Airport. It retains its suburban feel despite heavy development and tourist attractions.

The area contains a mix of families, young professionals, and retirees. There are several reasons to consider investing in Scottsdale real estate. Over the last five years, data shows a stable Scottsdale housing market with average sale point and price per square foot seeing a steady increase. If you are an investor, Scottsdale has a track record of being one of the best long-term real estate investments in the nation.

In the last twelve months, Scottsdale's appreciation rates remain among the highest in the country, at 32.94 percent, which is higher than the appreciation rates in 98.82 percent of the country's cities and towns. According to NeighborhoodScout’s data, Scottsdale appreciation rates were 11.80 percent in the most recent quarter, which equates to an annual appreciation rate of 56.21%. Is Scottsdale going to be one of the hottest real estate markets for investors in 2022 & 2023? Let’s take a look at the latest Scottsdale housing market trends.

  • Scottsdale Average Sales Price = $1,129,125, +21.8% 
  • Scottsdale Median Sales Price = $845,000, +24.3%
  • Months of Inventory = 1.1, -17.4%
  • Absorption Rate= 88.5%, +15.4%

Scottsdale Real Estate Market Trends 2022 (Most Recent)

Single-family detached homes are the single most common housing type in Scottsdale, accounting for 54.56% of the city's housing units. Owner-occupied, three and four-bedroom dwellings are the most prevalent type of housing you will see in Scottsdale's single-family detached homes. Scottsdale's housing market also has large apartment complexes and multi-family homes.

According to Redfin, the Scottsdale housing market is somewhat competitive. In May 2022, Scottsdale home prices were up 20.7% compared to last year, selling for a median price of $845K. On average, homes in Scottsdale sell after 24 days on the market compared to 28 days last year. There were 787 homes sold in May this year, down from 1,037 last year.

  • Some homes get multiple offers.
  • The average homes sell for about 3% above the list price and go pending in around 22 days.
  • Hot homes can sell for about 7% above the list price and go pending in around 7 days.

How Much Are Sellers Asking For To Sell a House in Scottsdale?

Scottsdale is a seller's market, which means that there are more buyers than available homes. Due to the scarcity of available homes in Scottsdale, sellers have an advantage. In a seller's market, homes sell more quickly, and buyers must compete for a property. These market conditions frequently induce buyers to spend more on a home than they would normally.

  • According to Realtor.com, the median asking price (or listing price) of homes in Scottsdale, Arizona was $900K in April 2022, an increase of 20 percent year over year.
  • The median price per square foot for listings was $429.
  • The median price of a home sold was $850K.
  • In April, homes in Scottsdale, Arizona sold for 1.32% above the asking price.
  • Sale-to-List Price Ratio: 101.32%
  • Homes typically sell after 34 days on the market.
  • The median days on market in Scottsdale, AZ has remained stable over the last month and slightly decreased over the last year.

This report provided by Scottsdale Area Association of REALTORS covers residential real estate activity (Condo/Townhouse/Apt., Mobile/Manufactured, Single Family) in the Maricopa County & Scottsdale service area. Annual Percent changes are calculated for April 2022.

Scottsdale Housing Prices Trends

  • Average Listing Price went up 32.4%, from $1,470,039 to $1,946,599.
  • Median Listing Price went up 35.5%, from $849,000 to $1,150,000.
  • Average Sales Price went up 21.8%, from $926,729 to $1,129,125.
  • Median Sales Price went up 24.3%, from $680,000 to $845,000.
  • Median Sales Price per Sq F went up +29.2%, from $318 to $411.

Scottsdale Housing Supply

  • New Listing Count was down 4.3%, from 1,145 to 1,096.
  • New Listing Volume was $1,385,845,324, up 25.5%.
  • Active Listing Count was down 33.9%, from 1,459 to 965.
  • Active Listing Volume was $1,878,468,022, down 12.4%.
  • Months of Inventory was down -17.4%, from 1.4 to 1.1 months.

Scottsdale Housing Sales

  • Pending Sales Count went up 63.4%, from 579 to 946.
  • Pending Sales Volume was $1,372,453,743, up 112.1%.
  • Closed Sales Count went down 20.4%, from 1,049 to 835.
  • Closed Sales Volume was $942,819,440, down 3%.

Maricopa County Housing Prices Trends

  • Average Listing Price went up 18.8%, from $765,267 to $909,263.
  • Median Listing Price went up 23.6%, from $445,000 to $550,000.
  • Average Sales Price went up 20.1%, from $520,732 to $625,303.
  • Median Sales Price went up 25.7%, from $389,000 to $489,000.
  • Median Sales Price as a % of Median List Price was 103%.
  • Median Sales Price per Sq F went up +27.5%, from $218 to $278.

Maricopa County Housing Supply

  • New Listing Count was down 3.3%, from 9,351 to 9,043.
  • Active Listing Count was down 23%, from 9,428 to 7,255.
  • Months of Inventory was down -18.9%, from 1.1 to 0.9 months.

Maricopa County Housing Sales

  • Pending Sales Count went up 30.7%, from 5,493 to 7,178.
  • Closed Sales Count went down 10.5%, from 8,588 to 7,690.
  • Closed Sales Volume was $4,808,579,258, up +7.5%.

Additional Key Housing Metrics

  • The count of distressed residential properties sold in April was 25, up 56.3% year-over-year.
  • The number of distressed residential properties that were for sale at the end of April was 17, up 6.3% year-over-year.

Scottsdale Real Estate Market Forecast 2022-2023

Let us look at the price trends recorded by Scottsdale (a real estate database company) over the past few years. Since the last decade (June 2012), the typical home value in Scottsdale has appreciated by around 160.5%. The typical value of homes in Scottsdale is currently $862,348. It indicates that 50 percent of all housing stock in the area is worth more than $862,348 and 50 percent is worth less (adjusting for seasonal fluctuations).

ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The supply is exceeding the demand, giving purchasers an advantage over sellers in price negotiations. In other words, there are more homes for sale than there are buyers in the marketplace. Scottsdale is a seller's real estate market – which means there are a lot of qualified buyers in the marketplace and not enough homes for sale in the market.

  • The typical home value of homes in Phoenix-Mesa-Scottsdale Metro is $476,098, up 29% over the past year.
  • Zillow predicts they will rise 14.1% by the end of May 2023.
  • Maricopa County home values have gone up 28.5% (current = $485,880) over the past year and will continue to rise over the next twelve months.
  • According to Zillow, the Scottsdale real estate market is hot.
  • Scottsdale home values have gone up 29.3% (current = $862,348) over the past year and will continue to rise over the next twelve months.
Scottsdale Real Estate Market Forecast
Graph Credits: Zillow.com

Scottsdale Real Estate Investment Overview

Is it worth buying a house in Scottsdale, AZ? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Scottsdale is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Scottsdale housing market forecast for answers on why to put resources into this market.

The Phoenix area is growing, and this includes the Scottsdale area. Construction can’t keep up with demand, so the median home price is more than 700,000 dollars. The average rent is around 1,900 dollars a month  (a 22% increase compared to the previous year), though you’ll get much more for a single-family home rented out in the Scottsdale housing market.

Although, this article alone is not a comprehensive source to make a final investment decision for Scottsdale we have collected ten evidence-based positive things for those who are keen to invest in Scottsdale real estate. Investing in Scottsdale real estate will fetch you good returns in the long term as the home prices in Scottsdale have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Scottsdale real estate market which can help investors who are keen to buy an investment property in this city.

The Excellent Quality of Life

A city in a large metropolitan area is competing with every other city for residents. If the city is poorly managed or simply deteriorates, they’ll lose residents who only have to move a few miles to get away from it. In this regard, Scottsdale real estate investment is a wise choice because the city stands out in terms of quality of life. We’ll ignore the golf courses and focus instead on A-rated public schools and family-friendly amenities. They could do a little better on crime, but there are areas in Phoenix real estate market that are far worse.

Scottsdale's Job Market

Scottsdale is also an emerging tech market, with companies GoDaddy, Yelp, Paypal, Indeed.com, and Paradigm Tech all opening offices downtown. This is a great town for businesses, including small businesses and entrepreneurs. The Scottsdale job market has consistently averaged an unemployment rate a full point lower than the state average and roughly half a point lower than the Phoenix metro area average. That alone would bolster the Scottsdale housing market. However, the relatively high property values mean much work here but live in other cities. Yet it contributes to a higher than expected rental rate in the Scottsdale housing market. Ironically, the high per capita income of 54K per person, twice the state average, drives up rents and housing prices.

Scottsdale's Tourist Market

Scottsdale is famous among locals for its Fashion Square Mall. However, you see more people coming here on vacation to enjoy the 200 local golf courses, many of which are world-class. Others come to see the Major League Baseball teams in spring training in Scottsdale. Others stay in Scottsdale while watching teams practice in nearby Mesa. All of this explains why the city has the fourth-largest number of AAA four-diamond hotels in the United States. The nature of the tourist market, though, gives you the ability to rent out properties both nightly and for weeks at a time.

The Diverse Scottsdale Rental Market

The Scottsdale housing market has a more diverse rental market than just catering to those who can’t afford to buy a single-family home. For example, the area is famous for its snowbirds, retirees who come for the winter before returning home. Some of them buy a one or two-bedroom home to live in for half the year. Others rent such properties. While many live in Sun City and other age-restricted communities, others choose to rent elsewhere in the Scottsdale real estate market.

They’ll prioritize amenities, proximity to healthcare providers, and low maintenance over cost in many cases. This population also increases the demand for RV-friendly homes and trailer parks. That provides an unusual play for those who want to profit off affordable housing in the Scottsdale housing market but don’t want to deal with Section 8 rentals.

Latest Rental Trends

As of June 22, 2022, the average rent for a 1-bedroom apartment in Scottsdale, AZ is currently $1,819. This is a 10% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Scottsdale increased by 6% to $1,714. The average rent for a 1-bedroom apartment increased by 1% to $1,819, and the average rent for a 2-bedroom apartment decreased by -8% to $2,237.

  • The average rent for a 2-bedroom apartment in Scottsdale, AZ is currently $2,237, a 10% decrease compared to the previous year.
  • The average rent for a 3-bedroom apartment in Scottsdale, AZ is currently $2,995, a 25% decrease compared to the previous year.
  • The average rent for a 1-bedroom apartment in Scottsdale, AZ is currently $400, a 94% decrease compared to the previous year.

Arizona is landlord-friendly compared to neighboring states like Nevada and California. What makes it notable is that it is becoming more landlord-friendly. For example, the city is passing laws that make it easier for landlords to enter units to make repairs. The state is making it easier to discard abandoned personal property and limiting appeals by those going through eviction. And it was already relatively fast and easy to evict people in Arizona.

The Scottsdale real estate investment options include the short-term rental market. The city requires short-term and vacation rentals to be registered with the county. Landlords must pay the transaction privilege sales tax and transient tax. A sales tax license is required. However, that’s simply the city saying you can rent out these units if you pay the same taxes that hotels do. The rest of the city’s regulations make the Scottsdale real estate market friendly for renting out via sites like Airbnb.

They don’t limit short-term rentals to a tourist district. You can rent out both the main house and accessory dwelling unit on the same property. And state law doesn’t give cities the ability to apply new regulations that essentially ban short-term rentals. However, homeowners associations can regulate these types of properties, so do your research before you buy a Scottsdale real estate investment property assuming you can generate short-term rental income.

The Geographic Constraints

The Scottsdale real estate market is certain to experience appreciation for the same reason the local quality of life is so good – it is nearly surrounded by parks. The northern end of the city touches Tonto National Forest. The western edge borders McDowell Mountain Regional Park. Homes with views and access to the national parks command a premium. Fort McDowell is a Native American reservation likewise off-limits. Tempe, Phoenix, and Mesa are all heavily developed. The city simply doesn’t have much room to expand to meet demand. This means the newest development will require redevelopment, increasing the cost of such properties and the value of existing housing stock.

At first glance, Scottsdale seems like a home buyer’s dream. It is full of suburban neighborhoods. The median household income is more than 70,000 dollars a year, and that’s pulled down by a retiree population so large that the average age is 46. However, affordability in the Scottsdale real estate market is relative. The median wage is 73,000 but the median home price is approaching 400,000 dollars a year. This means many cannot afford to own a home though they may want to.

This drives demand for rentals in the Scottsdale housing market. It is surprisingly only a third of the residents rent, though this is somewhat higher than the 20 percent average for the area. Conversely, the high-paying jobs in the area are one reason many people move here, generating demand for rental properties by new residents.

Here are the 10 best neighborhoods in Scottsdale to invest in real estate because they have the highest appreciation rates (List by Neigborhoodscout.com).

  1. Woodland Springs / Pima Meadows
  2. Scottsdale Villas / Continental Villas East
  3. Hy View / Inmar Terrace
  4. Arts Districts / Old Town Scottsdale
  5. Papago Parkway / Polynesian Paradise
  6. Casita Real / Sands East
  7. Heritage East / Golden Keys
  8. New Papago Parkway
  9. Scottsdale House
  10. Old Town Scottsdale West

The Relatively Low Tax Burden

Arizona has a surprisingly low property tax rate. It averages 0.85 percent of the property’s assessed value, while the national average hovers around 1.1 percent. Another benefit of Arizona real estate law is that the state limits the increases in the assessed value of property to 5 percent (or less) per year. This means your property taxes probably won’t rise at the same rate as the property value. That’s good since the Scottsdale housing market saw an appreciation of roughly five percent last year and is predicted to see at least 2 percent growth in 2019. Income taxes are competitive with the rest of the country and a bargain compared to tax-and-spend states like California, too.

Summary

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Scottsdale, AZ is your ability to find great real estate investments in that area. Buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

The other best place to invest in real estate is Bakersfield, CA. Bakersfield is developing and diversifying, maturing beyond the farming hinterland that led it to be written off as a California backwater. Its stabilized real estate market won’t offer skyrocketing property valuations or equally shocking rental rates, but that makes it a good choice for investors seeking solid, steady returns.

Whether seasonal workers who will never settle down or locals whose seasonal employment precludes homeownership, this has created a strong rental market. Median rents hover around 1500 dollars a month for single-family homes in the Bakersfield real estate market. When you take apartments into account, the median monthly rent is a little under a thousand dollars a month.

Another sizzling market to invest in real estate in 2019 is Honolulu, HI.  The Honolulu real estate market is dense, profitable, and unable to grow except at the margins. This will result in high returns for almost any Honolulu real estate investment property. The possibility of staying for free in a Hawaii condo or bungalow you own is just a bonus.

There is a rising demand for rental units year-over-year. The issue however is that rent prices are too high to be affordable for many renters. Housing in Honolulu is expensive, and the relatively large number of people working in low-pay retail and tourism jobs results in many who will never be able to afford to own a home or condo. Roughly sixty percent of Hawaii residents are cost-burdened renters, people who spend more than a third of their income on rent. Compounding the matter is that they’re competing with several large pools of renters who are almost immune to local economics, driving up rental rates.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill-up the form given here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.


*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Housing Market Data, Trends & Statistics
https://scottsdalerealtors.org/
https://scottsdalerealtors.org/benefits/market-data/
https://www.zillow.com/scottsdale-az/home-values
https://www.redfin.com/city/16660/AZ/Scottsdale/housing-market
https://www.neighborhoodscout.com/az/scottsdale/real-estate
https://www.realtor.com/realestateandhomes-search/Scottsdale_AZ/overview
https://www.zillow.com/phoenix-mesa-scottsdale-metro-az_r394976/home-values

Landlord friendliness
https://www.avail.co/education/laws/arizona-landlord- space here tenant-laws
https://www.mashvisor.com/blog/ more spaces here 5-most-landlord-friendly-states
https://www.american-apartment-owners-association.org/property-management/latest-news/another-state-goes-landlord-friendly

Short term rentals
https://www.scottsdaleaz.gov/codes/vacation-short-term-rentals

Quality of life
https://www.niche.com/places-to-live/scottsdale-maricopa-az

Job market
https://www.areavibes.com/scottsdale-az/employment

Snowbirds
https://www.tripsavvy.com/what-is-a-snowbird-2683049

Geographic constraints
https://en.wikipedia.org/wiki/Fort_McDowell,_Arizona

Tourist
https://imaginesports.com/news/2018-cactus-league
https://livability.com/az/scottsdale/things-to-do/8-reasons-to-move-to-scottsdale-az

Taxes
https://www.tripsavvy.com/arizona-property-tax-2682000
https://smartasset.com/taxes/arizona-property-tax-calculator

Filed Under: Growth Markets, Housing Market, Real Estate Investing

Fresno Housing Market: Prices | Trends | Forecasts 2022

November 23, 2022 by Marco Santarelli

Fresno Housing Market

Fresno is among the nation's top housing markets to watch in 2022. In fact, the Central Valley of California has become one of the nation’s hottest housing markets this year. The median price of an existing house in May 2022 was $500,000, up 12.4% from last year. The median number of days it took to sell a home in Central Valley was just 7 days. As inventory is declining, there is more pressure for home prices to increase in the next year. Months supply of inventory is 2.1, which means it would take 8 weeks for the current inventory of homes on the market to sell given the current sales pace.

The valley encompasses all or parts of 19 California counties including Fresno. The Fresno housing market is as hot as Central Valley. The median price of an existing home in Fresno County is $420,000, which is an increase of 16.2% over last May's median price. The median days to sell a home is just 7 days. In April 2022, the median listing price of a home in Fresno County, California was $395K, an increase of 17.9% year over year (source: Realtor.com).

  • The median listing price per square foot for single-family homes was $237.
  • The median price of a home sold was $366K.
  • Homes in Fresno County, CA sold for approximately 1.64% above the asking price on average in April.
  • The trend for median days on market in Fresno County, CA has gone up since last month, and slightly up since last year.
  • Fresno County consists of 48 cities.
  • Shaver Lake has a median listing home price of $772K, making it the most expensive city.
  • Parlier is the most affordable city, with a median listing home price of $269K.
  • The median listing home price in Fresno City is $370K, trending up 16% year-over-year.
  • The median home sold price in Fresno City is $332K.

Fresno Housing Market Trends 2022 (Latest)

According to the California Association of Realtors;

  • Existing SFR Home Sales in May were 930, down 8.6% year-over-year.
  • The year-to-date sales are down 1.7% from last year.
  • The Existing SFR Median Price was $420K, up 16.4% year-over-year.
  • Total Active Listings in the month were 1,183, up 40.3% change from last year.
  • Median Days on Market was 7.
  • The Sale-to-List Price ratio was 101.6%.
  • % of Active Listings with Reduced Prices was 27.8%.
  • The unsold inventory equals 2.3 months, up 35.3% YTY.

As per the real estate company named Redfin, the Fresno housing market is very competitive. In May 2022, Fresno home prices were up 16.7% compared to last year, selling for a median price of $385K. On average, homes in Fresno sell after 10 days on the market compared to 8 days last year. There were 471 homes sold in May this year, down from 498 last year.

  • Many homes get multiple offers, some with waived contingencies.
  • The average homes sell for about 3% above the list price and go pending in around 8 days.
  • Hot homes can sell for around 7% above the list price and go pending in around 5 days.

Fresno is the county seat of California's agricultural Central Valley and has historically been one of the most affordable cities in the state. However, rents began to rise dramatically during the pandemic, increasing by 26 percent in just 12 months. Rents in Fresno remain lower than those in San Francisco or Los Angeles, at $1,141 for a one-bedroom and $1,421 for a two-bedroom.

As of June 23, 2022, the average rent for a 1-bedroom apartment in Fresno, CA is currently $1,525. This is a 33% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Fresno decreased by -16% to $925. The average rent for a 1-bedroom apartment increased by 5% to $1,525, and the average rent for a 2-bedroom apartment increased by 1% to $1,690.

  • The average rent for a 2-bedroom apartment in Fresno, CA is currently $1,690, up 15% compared to the previous year.
  • The average rent for a 3-bedroom apartment in Fresno, CA is currently $2,092, up 28% compared to the previous year.
  • The average rent for a 4-bedroom apartment in Fresno, CA is currently $2,625, up 30% compared to the previous year.

The future of the Fresno real estate market looks bright. The economy and unemployment rates are still an area of concern, but things are improving. Back-to-back years of rising home values and sales prices should only be the start of where the market is headed in 2022.

Fresno Housing Market Trends
Source: CAR.org

Fresno Real Estate Market Forecast 2022-2023

According to NeighborhoodScout, Fresno real estate has appreciated by 156.09 percent over the last ten years, an average annual rate of 9.86 percent, placing Fresno in the top ten percent of all cities for real estate appreciation. Hence, if you are a home buyer or real estate investor, Fresno has unquestionably established itself as one of the best long-term real estate investments over the last decade.

In the last twelve months, Fresno's appreciation rates have remained among the highest in the country, at 23.50 percent, which is higher than the appreciation rates in 87.24 percent of the nation's cities and towns. Short-term real estate investors have found success in Fresno over the last twelve months. Fresno appreciation rates were 8.78 percent in the most recent quarter, equating to a 40.00 percent annual appreciation rate.

The typical home value in Fresno County is $390,241 on Zillow. Fresno home values have gone up 20.4% over the past year and will continue to rise over the next twelve months. Metropolitan Fresno, officially Fresno–Madera, CA CSA, is a metropolitan area in the San Joaquin Valley, in the United States, consisting of Fresno and Madera counties. It is the third-largest metropolitan region in Northern California, behind the San Francisco Bay Area and Greater Sacramento.

  • The typical home value of homes in the Fresno Metro Area is $390,241.
  • Fresno Metro home values have gone up 20.4% over the past year and Zillow predicts they will rise 10% by May 2023.
  • The typical home value of homes in Fresno City is $374,930, up 20.6% over the past year.
  • Madera County's home values have gone up 24.7% (current = $415,223) over the past year and will continue to rise in the next year.
  • San Joaquin County home values have gone up 23.7% (current = $571,720) over the past year and will continue to rise in the next year.

Here is the Fresno real estate price appreciation graph by Zillow since the last decade. 

Fresno Real Estate Market Forecast
Graph Credits: Zillow.com

Fresno Real Estate Investment Overview 2022

Is it worth buying a house in Fresno, CA? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a property in Fresno is a good investment? Fresno is the epitome of “the Valley”, the city that Californians like to mock as a backwater drawing a steady stream of nearly local rural girls to the theoretically more cultured, exciting, and fun cities like Los Angeles. Fresno continues to be ignored in favor of hot coastal markets like San Francisco and Los Angeles.

It is located in the San Joaquin Valley, the agricultural heart of the state. It sits at the southern end of the valley. It is sometimes called the heart of the Inland Empire. You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We have already discussed the Fresno housing market forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Fresno we have collected ten evidence-based positive things for those who are keen to invest in Fresno real estate

Investing in Fresno real estate will fetch you good returns in the long term as the home prices in Fresno have been trending up year over year. Let’s take a look at the number of positive things going on in the Fresno real estate market which can help investors who are keen to buy an investment property in this city.

Fresno Market is Big Enough to Consider

The Fresno housing market is small by Californian standards, but it is a large real estate market in and of itself. Fresno is home to over half a million people, making it the fifth-largest city in the state and coming as the thirty-fourth largest city in the United States. However, the Fresno real estate market is larger than this. When you take the suburbs into account, the Fresno real estate market contains almost a million people.

While you may hear about all the people fleeing California for states like Colorado and Idaho for a lower cost of living, it is cities like Fresno that see growth by people who need to move for the same reasons but don’t want to leave the state. This is why Fresno has grown five percent since 2010. The Fresno suburb of Clovis is one of the fastest-growing cities in the U.S. Clovis grew roughly ten percent since 2010. This population growth will continue to fuel property appreciation in the Fresno real estate market.

Fresno Real Estate is Affordable for Investors

Affordability is relative. The median home price in Fresno County is around 385,000 dollars. That’s a lot more than the average American home value. Yet the Fresno housing market is a bargain by California’s standards. After all, you’d pay more than a million for a three-bedroom ranch home anywhere near San Francisco, and LA is hard to afford unless you put half a million into a property purchase.

Fresno Has a Relatively Diverse Economy

Fresno may be in the agricultural heartland of the state, but there is more to the local economy than farming and food processing. The city is the regional services hub, resulting in many educational and medical jobs. The IRS has a regional office located here, as well. There are also several colleges in the area, but that will be addressed later in the article. While Fresno made the news of the real estate crash around 2008, the diverse and improving job market contributed to the rebounding of the Fresno housing market.

And if they ever finish that bullet train to connect Fresno to San Francisco, expect the Fresno housing market to boom as people move somewhere they can buy a house for less than 300K while earning 100K or more in Big Tech. The multiple military bases in the area provide high-tech jobs instead.

The Sizable Student Market That Rents

California State University has a campus here. Commonly called Fresno State, it is home to more than twenty thousand students. This creates a disproportionately large student population in the Fresno housing market. However, that’s not the only college in the area. Fresno Pacific University is a private four-year school, and it has more than four thousand students. Reedly College in Reedly, California is in the suburbs of Fresno. All of this gives those considering Fresno real estate investment the opportunity to have a diverse property portfolio without tying their fates to the state of one massive school.

There are several reasons why there is an unusually large pool of renters competing to stay in your Fresno real estate investment property. The seasonal nature of the agricultural industry and the slower local economy have resulted in a 7 percent unemployment rate, several points higher than the state and national average. People who have cycled in and out of the workforce aren’t going to be able to buy a home. Those working in low-paying industries can’t afford the average home, either.

The Relative Landlord-Friendliness

California is definitely tenant-friendly, but cities can be more or less in favor of property owners. We can say that the Fresno real estate market is more friendly to landlords than somewhere like San Francisco. For example, your Fresno real estate investment property isn’t subject to rent control unless you’re running a trailer park. Nor does Fresno follow in San Fran’s habit of nearly banning new construction. It is also much easier to evict someone in Fresno who doesn’t follow the terms of the lease. Furthermore, Fresno allows you to remove tenants through no fault of their own.

The Quality of Life

Quality of life generally isn’t enough to make someone pick up and move to a new city. However, plenty of people are fleeing cities like San Francisco and L.A. because of the poor quality of life there. Why would you want to pay 3000 to 4000 a month to live in a tiny room and try to avoid poop and needles on the street just to say you work for Big Tech or, hey, aren’t I cool for living in San Francisco? Fresno’s violent crime rate is much lower than L.A.’s, too. Combine a lower cost of living with reasonable wages, cleaner air, and literally clean streets, and the slightly higher odds of having your car broken into are considered worth it.

Fresno is sometimes seen as the boring middle child in a famous family. It is overshadowed by Los Angeles, San Francisco, and San Jose. Yet it is free of their many problems, too, while remaining solid and stable. That’s why you can’t afford to ignore the Fresno area.

Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Fresno, CA is your ability to find great real estate investments in that area.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Purchasing an investment property requires a lot of study, planning, and budgeting. Not all deals are solid investments. We always recommend doing your own research and taking the help of a real estate investment counselor.

Another sizzling market to invest in real estate is Tulsa, Oklahoma. The Tulsa real estate market offers affordable properties, decent rental rates, strong property rights, low taxes, and a number of other benefits. You can’t afford to ignore this real estate market when searching for investment opportunities. It is attractive to many who come here to learn and work, but it isn’t growing so fast that it suffers problems from that growth. These are a few reasons why you should seriously consider the Madison area for investment. There are several opportunities to profit from short-term rentals with a Tulsa real estate investment property. One is offering short-term rentals to people relocating to the area or in the area for events like college graduations.

The other best place to invest in real estate is Madison, WI. The Madison, Wisconsin area sits in a sweet spot. It is larger than a small town and has the amenities of a big city, but it lacks the problems of some of the larger cities in the region. It is attractive to many who come here to learn and work, but it isn’t growing so fast that it suffers problems from that growth. These are a few reasons why you should seriously consider the Madison area for investment.

The demand for Madison real estate investment properties by renters are higher than you’d expect for several reasons. One is that the Madison real estate market costs more than the state average due to demand. The second is that the large population of student renters in the Madison real estate market drives up rents, forcing many renters to save up long before they can buy a home. There are also Millennials who work here after graduation but are reluctant to commit to buying a house, so they continue to rent. This is why less than 60 percent of Madison residents are homeowners.

Let us know which real estate markets you consider best for real estate investing!


Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Housing Market Data, Trends & Statistics
https://www.car.org/marketdata/data/countysalesactivity
https://www.zillow.com/fresno-ca/home-values
https://www.redfin.com/city/6904/CA/Fresno/housing-market
https://www.realtor.com/realestateandhomes-search/Fresno_CA/overview
https://www.neighborhoodscout.com/ca/fresno/real-estate
https://www.zumper.com/rent-research/fresno-ca

Diverse economy
https://en.wikipedia.org/wiki/Fresno,_California
https://realestate.usnews.com/places/california/fresno/jobs
https://en.wikipedia.org/wiki/Fresno,_California#Military_units

Student market
https://en.wikipedia.org/wiki/California_State_University,_Fresno
https://www.collegesimply.com/colleges-near/california/fresno

Affordable for investors
https://realestate.usnews.com/places/california/fresno

Large pool of renters
https://realestate.usnews.com/places/california/fresno/jobs

Rapid growth
https://www.fresnobee.com/news/local/article144649154.html

Quality of life
https://www.foxnews.com/us/san-francisco-map-shows-human-poop-complaints
https://www.bestplaces.net/compare-cities/los_angeles_ca/fresno_ca/crime
https://www.movoto.com/blog/homeownership/is-fresno-a-good-place-to-live

Filed Under: Growth Markets, Housing Market, Real Estate Investing

New Jersey Housing Market: Prices | Trends | Forecasts 2022

November 23, 2022 by Marco Santarelli

New Jersey Housing Market

Last year, the New Jersey housing market has been characterized by bidding wars and a scarcity of inventory. Homebuyers have been ecstatic to take advantage of historically low mortgage rates. All of these factors contributed to many homes in New Jersey selling for more than the asking price. But according to the latest market trends in the state, growing home prices and high mortgage rates continued to dampen home sales in New Jersey in May 2022. The closed sales in the state decreased by 8.7% as compared to the same month of the last year.

The year-to-date sales in New Jersey state were 28,320, down 14% from last year. New Jersey is still a seller's market. The months' supply of inventory for single-family homes has shrunk to 2.4 months, down 4 percent from last year. It refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Six months of supply has historically been associated with moderate price appreciation, while a lower level of months' supply tends to accelerate price increases. The median price of single-family homes in New Jersey is $490,000, a 12.6% gain from last year when it was $435,000.

New Jersey Housing Market Trends 2022 (Latest Data)

According to Zillow, the typical value of homes in New Jersey is $461,990 as of May 2022. This value is seasonally adjusted and only includes the middle price tier of homes. New Jersey home values have gone up 15.8% over the past year. Last year at this time, ZHVI for New Jersey was $399,000. According to Redfin, New Jersey home prices (statewide) were up 11.1% year-over-year in May 2022. At the same time, the number of homes sold fell 7.8% and the number of homes for sale fell 10.6%.

These are the latest trends in the New Jersey housing market (Source: NEW JERSEY REALTORS®)

NJ REALTORS® provides the most comprehensive data available about the New Jersey housing market. Here's the summary of the latest market data on a year-over-year basis (May 2022 vs May 2021 ).

Housing Demand

  • Single Family Closed Sales were down 8.7 percent to 6,430.
  • Townhouse-Condo Closed Sales were down 6.5 percent to 2,306.
  • Single Family Median Sales Price increased 12.6 percent to $490,000.
  • Townhouse-Condo Median Sales Price increased 9.1 percent to $349,000.
  • Single Family Average Sales Price increased 12.8 percent to $621,816.
  • Townhouse-Condo Average Sales Price increased 11 percent to $448,288.

Housing Supply

  • Single Family New Listings were down 8.8 percent to 10,269.
  • Townhouse-Condo New Listings were down 8.7 percent to 3,175.
  • Months' Supply for Single Family was down 4% to 2.4 months.
  • Months' Supply for Townhouse-Condo was down 17.2% to 2.4 months.

Jersey City Housing Market Trends & Forecasts

Jersey City is the second biggest city in New Jersey. The city is home to almost 300,000 people. Unlike many other “Rust Belt” cities, Jersey City is still growing. Its population grew roughly 9.4% between 2010 and 2017. This is a continuation of the city’s rebound since its 1980 low point. There really aren’t suburbs in the Jersey City housing market, just adjoining cities that are likewise in the shadow of the Big Apple.

Should you invest in the Jersey City real estate market in 2021 before it eventually becomes too expensive? Let's look at the Jersey City housing market trends which make it lucrative for real estate investors and buyers. Jersey City is raising its profile as an alternative to New York City, given its closeness to the Big Apple and more reasonable housing prices. Located just across the Hudson River from Manhattan’s West Side, Jersey City is being touted by some as the latest alternative to New York City’s sweltering real estate market.

The typical home value in Jersey City is $606,537 (ZHVI). Jersey City home values have gone up 8.3% over the past year. Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark. It is the county seat of Hudson County as well as the county's largest city. These are the latest trends in the Hudson County housing market (Source: NEW JERSEY REALTORS®).

Hudson County real estate market trends indicate an increase of $45,000 (+9.1%) in the median sales price and a +31.8% growth in home sales over the past year. The median sales price for homes in Hudson County for May 2022 was $540,000 based on 87 single-family home sales.

  • New Listings of single-family homes dropped by 5.1 percent year-over-year.
  • Closed Sales of single-family homes increased by 31.8 percent year-over-year.
  • Days on Market Until Sale increased by 10 percent to 44 days.
  • Median Sales Price rose by 9.1 percent to $540,000.
  • Percent of List Price Received rose by 0.8 percent to 101.2%.
  • Inventory of Homes for Sale dropped by 24.2 percent year-over-year.
  • Months Supply of Inventory dropped by 19.4 percent to 2.9 months.
jersey city housing market trends
Source: NEW JERSEY REALTORS®

Jersey City Housing Market Summary

According to Neighborhoodscout, Jersey City's real estate costs are among the highest in the country, with a population of 292,449, 103,880 total housing units (homes and apartments), and a median house value of $556,051, although house prices here do not compare to those in the most expensive New Jersey communities.

Large apartment complexes or high-rise apartments are the single most common housing type in Jersey City, accounting for 50.24% of the city's housing units. Other types of housing that are prevalent in Jersey City include duplexes, homes converted to apartments or other small apartment buildings ( 35.20%), single-family detached homes ( 7.39%), and a few row houses and other attached homes ( 7.02%). Jersey City is dominated by renter-occupied one or two bedrooms apartments. 71.19% of Jersey City's dwellings are rentals.

The current trends show that Jersey City is a buyer's real estate market, which means that the supply of homes is greater than the demand for homes. To put it another way, real estate inventory is high, and there are plenty of homes for sale in this market. 

  • Median List Price: $645,000, trending up 8.4 year-over-year (On Realtor.com)
  • Price Per Sqft: $586
  • Median Sales Price: $359,000.
  • Homes in Jersey City, NJ sold for approximately the asking price on average in April 2022.
  • On average, homes in Jersey City, NJ sell after 68 days on the market.
  • The trend for median days on market in Jersey City, NJ has gone down since last month, and slightly down since last year.
  • The Waterfront has a median listing home price of $947,000, making it the most expensive neighborhood in Jersey City.
  • Journal Square is the most affordable neighborhood, with a median listing home price of $360,000.

As per the real estate company named Redfin, the Jersey City housing market is somewhat competitive. In May 2022, Jersey City home prices were up 7.5% compared to last year, selling for a median price of $630K. On average, homes in Jersey City sell after 26 days on the market compared to 43 days last year. There were 226 homes sold in May this year, up from 221 last year.

  • Sale-to-List Price was 100.7%.
  • 40.7% of Homes Sold Above List Price.
  • 15.8% of Homes were sold with price drops.
  • Some homes in Jersey City get multiple offers.
  • The average homes in Jersey City sell for around the list price and go pending in around 26 days.
  • Hot listings can sell for about 3% above the list price and go pending in around 11 days.

Jersey City Real Estate Market Forecast 2022

The real estate data from Zillow shows that the typical home value in Jersey City is $606,537. From 2019 to 2020, home prices were up by about 7.2%. From 2020 to 2021, home prices were up by about 5.2%. Jersey City home values have gone up 8.3% over the past twelve months and will continue to rise in 2022. The supply is not very tight but with all the other factors considered, at this time, it is unlikely that the Jersey City housing market will see a price decline in 2022.

  • The typical home value of homes in New York-Newark-Jersey City Metro is $609,114.
  • New York-Newark-Jersey City metro home values have gone up 13% over the past year.
  • The New York-Newark-Jersey City metro housing market forecast ending with May 2033 is positive.
  • Zillow predicts that New York-Newark-Jersey City metro home values may grow by 6% by May 2023.
  • If this forecast is correct, New York-Newark-Jersey City metro home prices will be higher in the 3rd Quarter of 2023 than they were in the 3rd Quarter of 2022.
  • The typical home value of homes in Jersey City is $606,537, up 8.3% over the past year.
  • The typical home value of homes in Newark is $408,152, up 15.1% over the past year.
  • Hudson County's home values have gone up 8.9% (current = $577,120).
Jersey City Real Estate Market Forecast
Credits: Zillow

Jersey City Real Estate Investment Overview 2022

Neighborhoodscout's data shows Jersey City has had some of the highest home appreciation rates of any community in the country over the last decade. Jersey City real estate has appreciated by 119.82 percent over the last decade, equivalent to an average annual appreciation rate of 8.19 percent, placing Jersey City in the top ten percent of all cities nationally in terms of real estate appreciation. If you are a home buyer or an investor, Jersey City has unquestionably been one of the best long-term real estate investments in the country over the last decade.

Jersey City's appreciation rates have lagged behind the rest of the country over the last year. Jersey City's appreciation rate over the last twelve months has been 14.70 percent. From the most recent quarter, house appreciation rates in Jersey City were 5.62 percent, equating to a 24.44 percent annual appreciation rate. Notably, Jersey City's latest quarter appreciation rate was one of the lowest in the United States.

10 Highest Appreciating Jersey City Neighborhoods Since 2000: By Neigborhoodscout.com

  1. Downtown Northwest
  2. Bates
  3. Harsimus Cove West
  4. Powerhouse
  5. Hamilton Park
  6. Harsimus Cove
  7. Magnolia Ave / Baldwin Ave
  8. Hamilton Park East
  9. Marion
  10. Downtown

We’re not going to cite waterfront views, vibrant nightlife, or “it’s hip” as reasons to buy Jersey City investment properties for cash flow. Instead, we’re going to focus on serious reasons an investor may want to buy property here, whether to rent out or renovate and sell. Here are some of the reasons to invest in the Jersey City real estate market.

The Disproportionate Student Market Affects Rental Demand

A large student population creates a large pool of renters that are relatively insensitive to rent increases. The Jersey City real estate market contains two such pools. One consists of local students attending schools like Saint Peter’s University and New Jersey City University. The New Jersey City University opened a new facility on the waterfront in 2015 intended to train the next generation of financial traders. St. Peter’s is a Jesuit college with more than three thousand students. The other pool consists of all the students who want to go to school in NYC but can’t afford to live there or don’t want to be crammed four to a bedroom. This explains why Rutgers University offers MBA classes at a satellite campus in Jersey City.

About 70% of housing units are renter-occupied households. As of July 05, 2022, the average rent for a 1-bedroom apartment in Jersey City, NJ is currently $3,314. This is a 77% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Jersey City decreased by -3% to $2,585. The average rent for a 1-bedroom apartment increased by 5% to $3,314, and the average rent for a 2-bedroom apartment increased by 17% to $3,990.

  • The average rent for a 2-bedroom apartment in Jersey City, NJ is currently $3,990, an 81% increase compared to the previous year.
  • The average rent for a 3-bedroom apartment in Jersey City, NJ is currently $2,600, a 24% increase compared to the previous year.
  • The average rent for a 4-bedroom apartment in Jersey City, NJ is currently $2,999, a 35% increase compared to the previous year.

Jersey City Tolerates AirBnB

Real estate investors want to know that they have a variety of ways to monetize a property. The Jersey City housing market has a major advantage in this regard over New York City – it has formally embraced AirBnB while NYC is actively hostile to it. Yet the proximity of many neighborhoods to NYC makes it popular with home-sharing sites like Airbnb.

Hotel taxes are due on these rentals. Compare this to NYC that heavily fines people who rent out a room, even if it is necessary to make the rent. Jersey City takes things one step further and is setting up a “Friendly Building Program”, where developers build entire buildings where renting through AirBnB is allowed. This is an innovative development in the Jersey City housing market.

It Is a Cheap Suburb of New York City

Jersey City has established itself as the go-to for people fleeing New York City. Its growth can be attributed to an influx of highly educated millennials. There are jokes that the apartment is perfect except for the fact it is in New Jersey, and if you’re going to live in New York City, you want to live in New York City. However, given that NYC is one of the most expensive real estate markets on the planet, the coveted title of “New York Resident” is a luxury many working in NYC cannot afford.

This is why Jersey City is considered part of the New York Metro area. And the insane prices of New York real estate are driving many to live here instead. Jersey City is home to the Port of New York and New Jersey. That is a high-paying employer in its own right. However, it creates many transportations, distribution, and manufacturing jobs in the area. This proximity to major markets and ready access to the rest of the East Coast explains why companies like Goya have built facilities here. Jersey City’s unemployment rate is consistently half a point below the New Jersey state average and two to three points below that of Newark.

The Growth of Wall Street West Improves the Local Economy, Too

Wall Street in New York has paid many people incredibly high wages, but businesses don’t want to pay NYC’s insane rental rates for office space. This has led Jersey City to host many businesses that choose to remain close to New York but work in cheaper environs. Thirteen million square feet of office space in Jersey City, New Jersey is utilized by what is called Wall Street West. This industry provides more than a third of the private-sector jobs in the city. Most are in the securities industry while a fifth are in banking and nearly 10% are in insurance. The growth of Wall Street West will fuel demand for both office space and the luxury Jersey City housing market.

There are people concerned that Jersey City is so desirable and seeing so many new residents move in that Jersey City could turn into another Brooklyn, another expensive NYC neighborhood. Between demand by Wall Street West and New York residents who love rent half as high as NYC, the median apartment and condo rate is going up. Downtown Jersey City saw property valuations go up roughly 10% in 2018. The upscale end of the Jersey City real estate market is skyrocketing, pulling up average property values and rents in the area, too.

Jersey City has been renewing itself. Jersey City has been busy redeveloping old neighborhoods, encouraging a mix of new retail, luxury housing, and affordable housing. Jersey City is notable for the major redevelopment on the waterfront, known as the Shore, while properties there enjoy a great view of Manhattan. A number of old industrial facilities are being converted to lofts or simply torn down and replaced, while the city government puts in new parks and offers lower sales tax rates for retailers in areas it wants to blossom. An investor in the New Jersey housing market can look up where these areas are, buy older properties, renovate them and then rent them out or sell them.

New Jersey Is (Relatively) More Landlord Friendly

We’re back to comparing New Jersey to New York, this time in terms of landlord friendliness. New Jersey allows landlords to file for evictions when a tenant is only a few days late on rent. Compare that to the long, arduous process of eviction in New York and especially NYC. However, you cannot simply evict someone because their lease is over.  You cannot collect late fees or attorney’s fees from eviction unless the proper clauses are written into the lease at the very start.

Landlords have to keep receipts of the rent payments, must follow strict legal disclosures like those related to lead paint, and you have to pay interest on deposits. This makes renting to tenants in the Jersey City real estate market relatively easier but not as easy as in more landlord-friendly states. Cities like Los Angeles, Seattle, and New York attract young adults. The high price of real estate drives those who want to have families to the suburbs or cheaper areas like the Jersey City housing market. New Jersey has an added point in its factor to NYC refugees – better schools.

The Jersey City real estate market is bolstered by much higher high school graduation rates and college attendance rates for the average student; that parents don’t have to pay for private school tuition on top of insane rents is another point reason to move. That attracts families to the area who stay here for years, and it increases the odds their own children stay. This explains why the median age of Jersey City residents is around 33 versus the state average of 39-40. That demographic momentum will sustain values in the Jersey City real estate market for years to come.

Summary

The Jersey City real estate market is seeing significant growth because it is close to New York City but isn’t NYC. It has a number of points in its favor, too, like a good job market and local amenities. Renters and buyers alike are taking notice and helping to make Jersey City the fastest-growing metropolitan area in the state. Apart from the Jersey City real estate market, you can also invest in Columbus, Ohio. The Columbus Ohio real estate market is a bright spot in a declining region.

It mixes smart redevelopment, quality of life, and growth to create a stable, slow-growing market that will be thriving well into the foreseeable future. There are many neighborhoods to consider for buying properties in Columbus. Properties in Worthington and downtown Columbus have higher than average median home prices, and their relatively low crime rates add additional appeal. Places like Victorian Village, where home prices remain higher than many other places in the city, support a strong local market, and they can signify a lower level of risk.

Another market that we suggest is the housing market in Colorado Springs, CO. The Colorado Springs real estate market contains several large populations of renters, many practical reasons for people to move here from the surrounding area and across the country, and long-term factors that will drive growth for years to come. Forget the Mile High City and invest in the Colorado Springs real estate market. The Colorado Springs real estate market is notable for how affordable it is compared to many other cities in the Rockies.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you can fill up the form given here. One of our investment specialists will get in touch with you. Norada Real Estate Investments helps take the guesswork out of real estate investing. We can help you succeed by minimizing risk and maximizing the profitability of your real estate investments.


Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Market Trends and Forecasts
https://www.njrealtor.com/research/10k/
http://njar-public.stats.10kresearch.com/reports
https://www.zillow.com/jerseycity-nj/home-values
https://www.neighborhoodscout.com/nj/jersey-city/real-estate
https://www.redfin.com/city/9168/NJ/Jersey-City/housing-market                 
https://www.realtor.com/local/Jersey-City_NJ
https://www.zumper.com/rent-research/jersey-city-nj

Airbnb
https://ny.curbed.com/2017/5/25/15692798/airbnb-jersey-city-urby-ironstate-development https://newyork.cbslocal.com/2015/10/12/jersey-city-airbnb-deal

Redevelopment
https://jerseydigs.com/redevelopment-agency-buying-97-monitor-street-jersey-city/
https://jerseydigs.com/jersey-city-purchase-bayfront-site-170-million-route-440/

More Landlord Friendly
https://focusedlaw.com/four-new-jersey-eviction-laws-you-should-know-as-a-landlord
https://www.rentcafe.com/blog/renting/states-best-worst-laws-renters
https://www.avail.co/education/laws/new-jersey-landlord-tenant-law

Metro for NYC
http://worldpopulationreview.com/us-cities/jersey-city-population/

Filed Under: Growth Markets, Housing Market, Real Estate Investing

Cap Rate Calculation: How To Use Cap Rate In Real Estate?

November 23, 2022 by Marco Santarelli

Capitalization Rate or Cap Rate is a term often thrown around in real estate discussions. Yet many people don't really understand what it means. After all, it can be confused with cash-on-cash returns and the rate of return. You will understand what a cap rate is in real estate in this post, from its definition to methods of calculation. When to utilize capitalization rate, how to calculate cap rates, what is a decent cap rate on investment properties, and why determining cap rates is crucial for real estate investors are among the topics covered.

What Is The Capitalization Rate?

The ability of a property to repay its initial investment and generate income beyond that is measured by its capitalization rate. It is one of the most fundamental concepts in real estate investing and is mostly referred to in calculations as Cap Rate. Cap Rate is defined as the rate of return on a rental investment property based on its income, according to Investopedia. This determines the investment's potential return.

When you invest in income-producing property, you are looking for cash flow. You also expect to realize a capital gain, selling the property at some time in the future for a profit. When analyzing investment opportunities, real estate investors evaluate a multitude of different factors. But a typical investor will be interested in the income that the property can generate now and into the future. That investor is likely to use capitalization of income as one method of estimating value. The capitalization rate is similar to the rate of return on investment.

It allows you to compare the relative value of real estate investments independent of their dollar value. The standard cap rate formula is net operating income divided by the market value. Cap rate is one of the most important calculations done by real estate investors. The cap rate is ideal for evaluating comparable properties in the same market area. A cap rate calculator is a useful tool as it allows you to quickly get an estimate of how much money the property is expected to make, and how this compares to similar properties in the area.

The two components of a Capitalization Rate are the Net Operating Income (NOI) and the purchase price of the investment property. NOI equals all revenue from the property, minus all reasonably necessary operating expenses. NOI is a before-tax figure, appearing on a property's income and cash flow statement, that excludes principal and interest payments on loans, capital expenditures, depreciation, and amortization.

In other words, the cap rate measures a property's yield on an annual basis, making it easier for investors to compare the risk and return profiles of different assets. It is an estimation of an investor's potential return on a real estate investment. Several factors can affect the cap rate of a property, such as market demand or interest rates, but one of the most critical factors is its occupancy. A property's occupancy directly affects the amount of NOI it can generate.

A vacancy rate is the opposite of the occupancy rate. It refers to the percentage of units that are vacant or unoccupied in a given property. Vacancy rates play a big part in business and can help investors determine whether they're making a good move by putting their money into certain real estate deals. A fully occupied property will generate a higher NOI and a higher cap rate at a given price than one that is only half occupied.

Cap Rate Calculation

Cap Rate Calculation Example

The Capitalization Rate is the NOI divided by the purchase price and is represented as a percentage.

Cap Rate = NOI / Purchase Price

Now that you know the basic equations used to calculate the cap rate, below is an example to better illustrate how this is used. First, let’s find our values.

  • Property Value (or Purchase Price): $250,000
  • Total Revenue: Four units x $1,000/month in rent = $48,000/year

Total Expenses:

  • Property manager salary – $20,000
  • Cleaning and maintenance – $10,000
  • Inspection and broker fees – $5,000

Next, let’s calculate NOI. $48,000 (revenue) – $35,000 (expenses) = $13,000. Lastly, we can use this number to calculate the cap rate of the property.

$13,000 (NOI)/$250,000 (property value) = .052, or 5.2% Cap Rate.

The same formula can be used to calculate the purchase price if you have the Cap rate and NOI. To solve for the price, just rearrange the original formula to:

Purchase Price = NOI / Cap Rate.

Purchase Price = $13,000 / 5.2% = $250,000

Now, let us suppose that a similar investment property (B) has the same NOI but a higher Cap Rate of 6.5%.

Purchase Price of B = $13,000 / 6.5% = $200,000

Both the properties have the same NOI of $13,000 but a lower Cap produces a higher purchase price and vice-versa. As Cap rate increases to 6.5%, it decreases the property value by $50,000.

Note a very important consideration involving a Cap rate calculation shown above. The purchase price is based on an all-cash purchase. No loans or mortgages were involved or factored into the calculation. The leveraged money that is used to acquire an investment property must be accounted for in any calculation involving a rate of return. Therefore, a Cap based on an all-cash purchase can never equal a rate of return.

Using a Cap Rate Calculator in Real Estate

A cap rate calculator is used in real estate to find the comparative value of a piece of property to determine if it would be a good investment. It’s calculated by balancing the costs of owning and maintaining a property, the property’s market value, and the direct earnings received from that property.

For example, say your client wants to buy a property for $250,000. It currently has four units and receives $1000 in rent from each tenant each month. The current owner paid $35,000/year in inspection fees, maintenance and cleaning fees, and a property manager’s salary. The cap rate calculator takes each of these factors into account to come up with a simple percentage that’s easy to compare across properties.

Cap Rate Calculator Equation

The cap rate calculator equation is pretty straightforward, assuming you have all of the necessary information at hand. To calculate the cap rate, you take the Net Operating Income (NOI)/Property Value. You can typically take the asking price as the property value, or there are plenty of online tools available that can provide property value estimates as well.

How to Calculate Net Operating Income (NOI)

Cap Rate

Coming up with the NOI for a property is a bit trickier, not because the math is complicated, but because it requires a lot of different numbers upfront. The equation for NOI is Total Revenue – Total Expenses. Total revenue is typically the yearly rent collected from tenants and/or the interest gained over the year. Expenses can include any number of factors such as:

  • Broker or inspection fees
  • Pest control
  • Maintenance
  • Property management salary
  • Tenant screening
  • Property taxes

To find NOI, you add together your revenue sources for the year, then subtract the combined expense amount. You can then use this number to calculate the cap rate. It’s important to note that the cap rate does not take the mortgage payments into account, as this is not a factor that affects the value of the property itself.

Benefits of Using a Cap Rate Rental Property Calculator

Understanding Capitalization Rate

There are many ways to use the cap rate when evaluating rental properties. In general, you can think of the cap rate as an estimate that’s used to get the lay of the land for real estate investing. Examples of the different uses for a rental property cap rate calculator include:

  • Understand the value of a property in relation to its neighbors – It stands to reason that properties in similar neighborhoods with similar assets should have similar cap rates. You can use the cap rate to identify if a particular property is priced too high or too low, or if there may be underlying issues contributing to an unusual cap rate.
  • Get a picture of larger market trends in an area – Cap rate is a useful indicator of wider changes in a certain city or area within a city. For example, cap rates changing in a specific neighborhood but staying flat in another similar area can indicate a shift in buyer/renter interest.
  • Provide useful estimates to clients – For agents, the most important use for a cap rate calculator is to be able to provide accurate estimates to clients for the value of the property, an important factor when making a buying decision.
  • Identify under-the-radar opportunities – If a property has a conspicuously high cap rate for the area, this could be an indication of mismanagement and an opportunity for a higher return on investment if operations were to be more streamlined and yearly expenses minimized.

Drawbacks of Using a Cap Rate Rental Property Calculator

Though the cap rate is undoubtedly a useful estimate of a property’s value, there are a few limitations to using this metric.

  • Requires comparisons to be useful – Because cap rates are most often used in comparison to properties of similar sizes, assets, and areas, they require a robust market to be valuable. This limits their usability in both smaller markets and for unique properties like tourist attractions, where there typically aren’t enough similar properties to compare to.
  • Relies on knowing historical costs – Since the cap rate calculation incorporates net operating income, which in turn requires knowing the property’s yearly expenses, it can be difficult to get an accurate estimate without the proper records. For mismanaged properties or even properties that have been owned by a single family for a long time, tracking down this information may not be possible.
  • Only accurate with steady income and expense costs – Like any estimate, the cap rate can be thrown off by any outlying data points in terms of extra income or unexpected costs. Things like flooding damage can skew maintenance cost data for that year or unexpected seasonal business can drastically increase income, causing an inaccurate cap rate that may not actually be the typical amount year to year.

What is Cash-on-Cash Return?

The cash-on-cash return of an investment property is a measurement of its cash flow divided by the amount of capital you initially invested. This is usually calculated on the before-tax cash flow and is typically expressed as a percentage.

Cash-on-cash returns are most accurate when calculated on the first year's expected cash flow. It becomes less accurate and less useful when used in future years because this calculation does not take into account the time value of money (the principle that your money today will be worthless in the future).

Therefore, the cash-on-cash return is not a powerful measurement, but it makes for an easy and popular “quick check” on a property to compare it against other investments. For example, a property might give you a 7% cash return in the first year versus a 2.5% return on a bank CD.

The cash-on-cash return is calculated by dividing the annual cash flow by your cash invested:

Annual Cash Flow / Cash Invested  =  Cash-on-Cash Return

  1. Calculate the annual pre-tax cash flow for the property.
  2. Determine how much you'd put down on the property from the down payment to rehab costs. Total these expenses to find your total cash investment.
  3. Divide the annual pre-tax cash flow by the total cash invested.
  4. The result is the cash-on-cash or CoC return.

Let's make sure we understand the two parts of this equation:

  1. The first-year cash flow (or annual cash flow) is the amount of money we expect the property to generate during its first year of operation. Again, this is usually cash flow before tax.
  2. The initial investment (or cash invested) is generally the down payment. However, some investors include their closing costs such as loan points, escrow and title fees, appraisal, and inspection costs.  The sum of which is also referred to as the cost of acquisition.

Let's look at an example. Let's say that your property's annual cash flow (before tax) is $3,000. And let's say that you made a 20% down payment equal to $30,000 to purchase the property. In this example, your cash-on-cash return would be 10%.

     $3,000 / $30,000  =  10%

Although the cash-on-cash return is quick and easy to calculate, it's not the best way to measure the performance and quality of a real estate investment.

Let's look at one more example taking into account repairs and renovations:

Suppose you want to put 20,000 dollars down on a $100,000 house. This is 20 percent down. You'll have to pay 2,000 dollars in fees. You're renting it out for a thousand dollars a month to a tenant. This yields 12,000 dollars a year in rental income per year. And you've got an ultra-cheap 3000 dollars a year or 250 a month.

The annual cash flow is $12,000 – $3,000 or $9,000.

The total cash invested is the down payment and fees. In this scenario, it is the 20,000 dollar down payment and 2,000 in repairs for a total of 22,000 dollars.

The cash-on-cash return is 9000 divided by 22,000 or 0.41. This translates into a 41 percent return.

What if the property had no additional repairs necessary? Then the total cash invested is 20,000. The cash flow is unchanged at 9,000 dollars.

The cash on cash return is then 9000/20000 or 0.45 or 45%.

If the property needed 10,000 dollars in repairs and renovations, the cash invested hits 30,000 dollars. Divide 9,000 by 30,000 and the cash on cash return is 0.3 or 30%.

You can use the cap rate to estimate the NOI. The NOI is going to be the market value of the property multiplied by the capitalization rate. If they're selling a property for 150,000 dollars and say it has an 8 percent cap rate, then the NOI is 12,000 dollars a year. For comparison, it is reasonable to assume an NOI of roughly one-third of the rental income.

And the fair market value of any property can be estimated using the cap rate. Divide the NOI by the cap rate. A property with a 12,000 dollar NOI and an 8 percent cap rate is worth 150,000 dollars in the scenario above.

You can use the cash on cash return to gauge the return on renovations that allow you to raise the rent. Add the renovation or upgrade costs to the total cash investment number, and determine how much more you could charge in rent for the nicer property.

The ratio compares the total cash earned on an annual basis (pre-tax) to the amount of cash invested. Cash-on-cash ratios are used instead of return on investment since ROI calculations are skewed when you buy a property with a large amount of debt.

Difference Between Cap Rate and Cash-on-Cash Return

The capitalization or cap rate is often confused with the cash on cash or COC return. That problem is compounded by the fact that the cap rate and cash on cash returns are the two main metrics used to assess individual real estate deals. As discussed above, Cash on cash or CoC return calculates the cash income earned on cash returned on investment.

Cash on cash return excludes debt and only looks at the cash amount invested; this is generally the down payment on the property. If you pay all cash for a property, the Cash-on-Cash rate will be the same as the cap rate. However, most property investors don't pay 100 percent of the cash for properties. Yet the cash on cash calculation can still be of benefit to them.

You need the cash-on-cash calculation to properly compare projects that will require significant investment in the form of loan fees, rehab costs, and closing costs in addition to a down payment or cash purchase. Anything you need to pay to get the property ready for tenants falls into this category.

The cap rate can be used to gauge how good of an investment the property is, while cash on cash calculations allow you to determine which deals have the highest returns.

How to Use Cap Rate as a Rental Property Investor?

Easy Cap Rate Calculation

The cap rate can be used to compare your relative success as a real estate investor or the value of a given property. For example, you can calculate the cap rate for your entire portfolio and identify under-performers. Or you can learn the average cap rate for a given neighborhood and then gauge the value of a property based on its cap rate. If it has a lower cap rate, then it is worth less than a comparable home with a higher cap rate.

Know that you don't have to go into high cap areas to find profitable investments. A low cap area may have room for significant improvement. Look for areas where there are rapidly increasing rental rates because these are the places where the cap rate will be better next year than this year. And that higher cap rate will lead to property values increasing in a year or two.

The ideal properties will have rising rents combined with unchanged expenses. However, if the operating expenses are skyrocketing, NOI will go up and kill that great cap rate for the current calendar year. This is a risk with older buildings that need major work. If you can find properties in good condition and even rehabbed older ones, you could create long-term value by buying something through NOI increases.

Estimating Property Value With The Capitalization Rate

The Cap Rate merely represents the projected return for one year as if the property was bought with all cash.  But since we don't normally buy property using all cash we would use other measures, such as the cash-on-cash return, to evaluate a property's financial performance.

The Cap Rate is calculated by taking the property's net operating income (NOI) and dividing it by the property's fair market value (FMV).  The higher the Cap Rate, the better the property's income and market value.  The Cap Rate is calculated as follows:

     Capitalization Rate = Net Operating Income / Value

Let's look at an example.  Let's say your property's net operating income (NOI) is $50,000.  And let's say that the market value of your property is $625,000.  Your Cap Rate would be 8%.

Capitalization Rate  =  Net Operating Income / Value
Capitalization Rate  =  $50,000 / $625,000
Capitalization Rate  =  8.0%

As another example, let's suppose you are looking at purchasing a property that has a net operating income of $20,000.  From doing a little research you know the average Cap Rate for the area is 7.0%.  By transposing the formula we can calculate the estimated market value as follows:

Value  =  Net Operating Income / Capitalization Rate
Value  =  $20,000 / 7.0%
Value  =  $285,715

An advantage of the Cap Rate is that it provides you with a separate measure of value compared to appraisals where value is derived from recently sold comparables (which are primarily based on physical characteristics).  This is especially true when comparing commercial income properties.

Note that a small difference in the Cap Rate may not seem like much but it can make a large difference in your valuation.  For example, the difference between a 7.0% and 7.5% Cape Rate, a mere 0.5% difference, on a property with a $50,000 net operating income is a $47,619 difference in value!  So be sure to double-check the accuracy of your numbers.

As always, you want to look at multiple financial measures when evaluating income property including the cash-on-cash return, debt coverage ratio, and internal rate of return.

Commonly Asked Questions About Cap Rate

Below are a few additional clarifying answers to some of the frequently asked questions about cap rate calculators.

What is a Good Cap Rate?

The capitalization rate for real estate can range from a negative number to a double-digit return. A standard cap rate is typically between 4% and 8%, according to CBRE’s 2019 North American Cap Rate Survey. However, there is no such thing as a “good” cap rate. It all depends on the level of risk the property owner is comfortable with and how the cap rate compares to similar properties in the area.

Some investors say they won't buy anything with less than an 8 percent cap rate. It is difficult but possible to find properties with a 20 percent cap rate.

A high cap rate is generally caused by a low purchase price (including distressed sellers) or a high NOI. The key is knowing why the cap rate is higher than normal, not rejecting a property because the CAP rate is much higher than average.

A low cap rate is less risky, while a high cap rate is riskier but there is an opportunity to make more income. As we mentioned earlier, an unusually high or low cap rate (compared to other properties in the area) can indicate that something is “off” with the property.

What Does a 7.5% Cap Rate Mean?

A 7.5% cap rate doesn’t mean much by itself. Rather, it indicates the ratio between a property’s net operating income and its market value, in this case, 7.5%. Cap rate is a way of displaying how much the property is expected to make in a year using the relationship between revenue, operating costs, and market value for the property.

What this means in terms of good or bad investment or dollar amounts depends on the situation. For example, let’s say you want to buy a home that costs $1 million, with an expected net operating income (AKA yearly revenue) of $75,000. Using the cap rate equation of NOI (75,000)/property value (1,000,000,) you would get a cap rate of 7.5%. You can then easily compare to other cap rates in the area to evaluate your investment.

What is an Acceptable Cap Rate?

An acceptable cap rate varies depending on the situation. An average cap rate is typically between 4% and 8%, but what is acceptable varies on how much risk the investor is comfortable with.

Is Higher Cap Rate Better?

A higher cap rate is not necessarily better. Again, it depends on the level of risk the property owner is willing to deal with. A wealthy investor looking to make some quick income by flipping a property may be happy with a higher cap rate because of its greater earning potential, while the associated risk isn’t a concern. On the other hand, a young couple who wants to settle in a home and raise kids there for the foreseeable future will likely want a low cap rate, which has a correspondingly lower risk and will likely increase slowly over time.

Why is a Higher Cap Rate Riskier?

Not always. Capitalization rates in real estate are not necessarily an indicator of risk. This is in sharp contrast to stocks and bonds, where the rate of return is proportional to the risk. However, the cap rate can only be used with income-producing property. The formula just doesn't work if you're going to buy property now to sell it later, such as when you're looking for a fix and flip.

Note that the cash on cash return doesn't take taxes into account. High taxes can wipe out any potential investment return. This means that the actual returns you see after-tax are lower than the cap rate. The cap rate will vary based on several things, not all of which directly affect the property's value.

The age of the property, the desirability of the area, and the demand for rental properties in the neighborhood are a few such factors. If there is a greater demand for rentals than the market supplies, rental rates, and NOI may be relatively high despite the moderate home values.

And if there is an oversupply of luxury rentals in the area, you're going to see a low NOI and de facto ROI via the cap rate, because your property may sit empty for a long time or not rent for enough to cover your operating expenses.

There are other issues with the cap rate that explain why you need to know additional values like the cash on cash return. For example, the CAP rate is an annual figure. It will crash if the property was vacant for several months through no fault of the current owner. Yet the metric will rise automatically with inflation if the rents have kept up with market rates.

The cap rate does not tell you how the property has performed over time; vacancy rates and income statements will do that.  A higher cap rate is riskier for the same reason that any high percentage investment is riskier. It all has to do with probability and potential uncertainty, something called the Risk-Return Tradeoff, a well-known investment principle.

The math behind the Risk-Return Tradeoff is a bit complicated, but this guide from Model Investing breaks things down into easily understandable sections if you want to get into the nitty-gritty.

Is Cap Rate the Same as ROI?

No, the cap rate is not the same as ROI. Though both metrics use NOI in their calculations, they’re measuring different things. Cap rate is used to evaluate how profitable a piece of property should be in comparison to the market, regardless of buyer, while ROI (return on investment) is a more concrete calculation showing how much a specific owner will make each year. ROI incorporates mortgage payments while the cap rate does not.

The equation for ROI is the annual return/total investment. For example, a person living in a $200,000 home with an NOI of $12,000, an annual mortgage payment of $5,000, and a down payment of $40,000 would calculate ROI as follows: $7,000 annual return ($12,000 NOI – $5,000 mortgage)/$40,000 total investment (down payment) = 0.175 or 17.5% ROI. The cap rate for the same home would be 6% ($12,000 NOI/$200,000 property value).

How to Calculate Property Value using Cap Rate & NOI?

Using the cap rate and net operating income to determine the real estate value is known as the income approach to valuation. The Net Operating Income equals all income from the property minus all reasonable operating expenses. This is a before-tax figure. It doesn't include amortization, depreciation, capital expenditures, and mortgage payments. The NOI is equivalent to the earnings before interest and taxes if you're comparing the capitalization rate of a business that's for sale.

  1. Find the annual net operating income or NOI.
  2. Divide the net operating income by the cap rate.

For example, a rental property in Dallas with a net operating income of $30,000 and a cap rate of 7 percent is valued at $428,571. The same property with a 10 percent cap rate would have a value of $300,000. In other words, the higher the cap rate, the lower the property’s value.

We hope that the following explanations were helpful for any agent looking to provide a more holistic view of property options to their clients.

Now that you understand how cap rates work, here is an easy calculator that you can use.

Filed Under: Financing, Getting Started, Real Estate Investing

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